House prices in Canada’s popular ski regions are expected to decrease in price by 3% over the next year, despite year-over-year price gains, according to the Royal LePage Winter Recreational Property Report.
Royal LePage is forecasting that the median price of a single-family detached home in Canada’s recreational ski areas will go down over the next 12 months to $1,011,451.
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Still, the report says the median price of a single-family detached ski region home has increased 15.1% in the first 10 months of 2022 to $1,042,700 from the same time last year (Jan. 1-Oct. 31, 2021).
The company says the increase came despite soaring interest rates and declining home prices in the residential real estate market.
The B.C. ski region of Big White posted the highest median price gain in single-family detached homes (45.5%) while Quebec’s Mont-Tremblant region reported the highest median price increase in condominiums (44.4%) among regions surveyed.
Southern Georgian Bay’s condominium prices saw only a modest increase of 1.5% year-over-year in 2022, following more than a 50% jump last year
Meanwhile, a recent Royal LePage survey of U.S. citizens living in border states found 75% who currently own a recreational property in Canada bought it following the feds’ announcement of a two-year foreign buyer ban that will come into effect on Jan,. 1, 2023.